The global biomethane market size is expected to reach USD 2.72 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Adoption of biomethane in power generation has been increasing along with moderate shift towards biomethane gas as a transportation fuel, and rising environmental concerns regarding the use of fossil fuels and environmental impacts are some key factors driving market revenue growth.
Biomethane is a type of renewable natural gas that is produced from biogas. It is produced by removing hydrogen sulphide, carbon dioxide, and moisture. Biomethane is eco-friendly, less corrosive, and more flexible as compared to biogas. Biomethane is widely used in automotive, power generation, and other applications.
Automotive segment is expected to register a relatively faster revenue CAGR throughout the forecast period, which can be attributed to increasing adoption of biomethane in the automotive sector as transportation fuel due to rising focus on reducing Greenhouse Gas (GHG) emissions and reducing carbon footprint. Rapid industrialization, rising investment by private investor in the production of biomethane, presence of favorable governmental policies for biomethane production in various countries, and growing preference for clean and green fuels are some key factors expected to continue to drive revenue growth of the global biomethane market over the forecast period.
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Some major companies included in the report include EnviTec Biogas AG, VERBIO, SoCalGas, CNG Services Ltd., Future Biogas Ltd., SoCalGas, Gasrec Ltd., Gazasia Ltd., Orbital Gas Systems, and PlanET Biogas Global GmbH.
The report offers a comprehensive analysis of niche market areas and provides strategic recommendations to the new players and established companies to make lucrative and well-informed business decisions. The report analyzes the key companies engaged in the industry along with their product portfolio, business overview, strategic expansion plans, revenue generation, market share and size, regional presence, and production and manufacturing capacity. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, agreements, product launches, and deals and partnerships, among others,
Some Key Highlights From the Report:
- In May 2021, BayoTech announced its partnership with IBMS Group. This partnership will help them to launch renewable hydrogen project by using biomethane generated from food waste.
- Agricultural waste segment accounted for largest revenue share in the global market in 2020. This can be attributed to rising preference for bio-gas generated from agricultural waste and increasing need to reduce GHG emissions.
- North America accounted for largest revenue share in the global market in 2020. Robust presence of key market players, rising demand for biomethane in automotive sector, and presence of favorable governmental policies for biomethane production are some major factors driving revenue growth of the market in this region.
Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country's economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sector across the globe. Rapid industrialization and urbanization has increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today's industrial infrastructure.
With increasing focus on sustainable energy and alternative sources of energy to mitigate global warming, countries today are heavily investing in hydroelectric power, solar power, and wind energy. Widespread demand for energy and power has led to the emergence of lucrative growth opportunities in the market and accelerated revenue growth of the retail energy markets. However, negative environmental impact of prolonged use of fossil fuels, depletion of energy resources, and increasing amount of pollutants in the atmosphere are some key restraining factors. Increasing automation in power and energy industry, integration of advanced technology like AI, growing focus on hybrid and electric vehicles, and increasing emphasis on improve energy variability and costs for residential and commercial buildings and vehicles are set to open new paths for the growth of the energy and power sector.
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For the purpose of this report, Reports and Data has segmented the biomethane market based on feedstock, production method, end-use, and region:
Feedstock Outlook (Revenue, USD Billion; 2018-2028)
- Animal Manure
- Organic Household Waste
- Agricultural Waste
- Energy Crops
- Sewage Sludge
- Industrial Food Processing Waste
Production Method Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Power Generation
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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See Campaign: https://www.reportsanddata.com/report-detail/biomethane-marketContact Information:Reportedtimes, Menafn, PR-Wirein, iCN Internal Distribution, Research Newswire, English